Charity registrallon number 1031690 Company regislra1ion nunkn 2880224 (England and Wales) BROMLEYYOUTH MUSIC TRUST (LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BROMLEYYOUTH MUSIC TRUST LEGAL AND ADMINISTRATIVE INFORMATION L Blomstrand S Polyth)rou MBE S M (Xdfield A Moss L RIdrdS J Watte M Rldout J Wllliams-ward (Appointed 26 February 2024) (Appointed 15 March 2024) 1031590 Compony nwnber southborgh Lane Bromley Kent BR2 8AA Baxter & Co Lynwood Hou8e Crofton Road Otphwn Kent BR6 8QE NatWe8t Bank PLC 143 High Street 8romley Kerrt BR11YZ Metro Bank One Southampton Row London WC1B SHA HarKlel8banken Nothside HouBe 69 Tweedy Road Bromley Kent England BR13WA Solicitws Wellers Tension House Tweedy Road Bromky Kent BR13NF
BROMLEYYOUTH MUSIC TRUST CONTENTS TfUStees' report Statement of Tntstee8' resp81)1eS Independent audltorf8 report 10-11 statement of finandal athe8 12-13 Balance sheet 14 statement of cash fk 15 Note8 to the financlal Statements 16-28
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also directors of Bromley Youth Music Trust ("BYTrKf) for ts purposes of the Companies Act 2006. present thelr annual report and finandal statements for the year ended 31 March 2024. The financial statements have been prepared in accordan with the accnunting w)IicAes set out in note 1 to the financial statements and cL)mply the Companies knt 2006 and 'Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing their accounts in accordance 1th Financial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102)" (effectlve 1 January 2019). Established in 1993. 8YThKr Is an Independent music seTvice, known nationally for providing a hlgh qualty instNmentsl and vocal music education to children and young people in the London Borough of Bromley and Surrounding areas. Music Centres cater for all ages and experien(x, induding adults. We provide a range of ensembles and gups. irKlu(fing orthestras, bands, choirs, musical theatre, chamber music, keyboard dasses and 8e55ions for infants. We also provide holiday course5, workshops and masterdasses as well as annual cA)rKert t(wrs for our most advanced musicaans. The Tntstees have paid due regard to guidance Issued by the Charity C(mvntS8ion in dadIng what aclivitle8 BYNrr should undertake. BYMT is a company Ilmlted by guarantee with Charitable Statu8. The company wa8 Incorporated on 14 Oecemtr 1993. The chaiitable Gornpanls Menx)randum and Artides of Association are the primary governing documents of the Tnt. Details of the trusteeB vtho were serving as at 31 March 2024 are induded in the Referen and Adminlslralive Details section. Membor5 Liability Each member of the chatitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member. or within one year after they cease to be a mernber. such amunt as fflay be required, not exceedlng £1, for the debts and liabililie8 contracted lfvre they CBed to be member.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 OURVISION AND STRATEGIC AIMS 8YMT vision statement: All children, young people and the wider commurmty benefft from the enrichlng and transformatlve power of musi r strateglc aims: 1. Support Bromley schools in provldlng outstsnding music education All Bromley childm receive an outstsnding music educalion at school. l. Develop muslcal progression pathways Children and young people access a tThJ range of ouistarKllng musical pathway8 which meet thelr needs and Interests. 1. Ensuro that everyone is Included Children and young people's music Is HEARD: Ho118tic Placlng empha815 on pernonal. 80dal mu8lcal outcomes. Those facing1he biggest baThier8 ceIve the most 8UPPOrt., Developed with and Inform by the peaple we do it for,, Repre8entatre Parudpants and cA)Ileagues rellect our diverse Society. Diverse All musicol genreB. style4 Fxactice8 are valued equally,, 1. Nuriuro lih4ong enjoyment of music All members ofthe communty can engage In oUt8tarKlV musical experiences. 1. Develop w5der community awareness of Bylfr Everyone in the wider comfflunity knov3 that BYKf ex18ts. that we can offer them or their families. and h<N4 to ac( our offer. Eqimtable Authentic OURACHIEVEMEKrs A8 Trustees. we are delighted to celebrate thlty yearn of Br and to be nomlnated as one of the Mayor of Bromlels charities for 2024125. It is such a privilege to %*ithess the immense talent of the children and young people of Bromley. Here are 80me of the highlights of what we've achieved in the past year. Supporting 8romloy Schools in provi<fing outstandlng musical •ducatlon: 8YNff engaged with 95% of Bromley sch(x)15, providing a range of provision Induding In8truwfintsl and vocal tuition, vthole cla5sl8th00l singing propcts, and primary (JJicUluM delivery. Our Instrumental specialist teachers worked in 43 schoo15 providing vthole dass Instfumentsl tultlon for Key stage 1 and Key Stage 2 children, which represents a 26% in(¥ease on 20223. More than 4.500 students received indivldual Insttumentsl or singing lessons.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Developing musirAI progression pathways: More than 850 Sdents participated in Bykff ensembles. . The 'R(Jundabout Scheme, was IntdUCed at two of our centres, providing a pradical introduction to Instfumentsl music making. 8YMT repeated its Easter and Summer Sounds holiday cowses In 2023. following the success of the previous year. The Urse is an excrting introduction to instrumental leaming and singing. Almost 300 children engaged in thls initÈative, many of whom continued their instrufflental leaming at sch(Jol from September 2023. More than 60 students partidpated in our annual summer musical theatre course, run by a West End dlrector. professional singing coach, and West End Choreographer. Many of these students weTe subsequeTrtly involved In productions of Les Misérnbles and Legally 81onde. . Br<xll Youth Chamber Orchestra and Br(#nley Youth Concert Band ParC[Pated in 8 8ucce88ful Intemational t(wr to the LoiTe Valley, Frnnce. Many of ouryear 13 leave went on to Study muslc at universltieB or muslc colleges. Ensuring that everyone is includ. We want everyone in the WKler communty of Bromley to be able to engage and participate with Bywr regardkn of their needs. income, personal circumstances, age and where they live. An important part of a¢hievri9 this aim IB our Young Musicians, Bursary (YMB"). During 2023124, we supported 384 students and farnilles with a YMB (an in¢xewae of 22% on 2022123), including free or discounted lesson fees, and discounted muslc oroup and instrument hire fees. 70% of the8e students vKre in receipt of pupll premium and 22% had an annual h(xJsehold inccme of le88 than £25,000. In December 2023. our Open Orchestra, an inclusive ensemble that works with iwo groups of young adults wllh speclal needs who live in Bromley. gave their debut pfornCe a8 part of the Festival of Strings at Langley Park Centre the Perfomiing Arts. Our Special Educational Needs fsEN') consultant provided tailored 8UPPOrt and tsaining for 8choob and Byfvfr staff. In addilion, our SEN Consultant supported students with additional needs to aC£S BYKf pr(yJramme8. Nurturing lifo4ong enjoyment of muslc: 8YMT delivered and pathered with a range of adult ensembles, induding Adult Choir, Bromley Adult Mu8idan8 Orchestra, Adult Ukulele, Piano Adult Beginners, Sing Brcxnleyl and XBY Concert BarKI, wlth 300 adult8 regularfy partldpated in one of our musk groups In March 2024, X8Y (ex-Bromley YJJth) Concert Band achieved a Platinum Award at the final of the Nalional Concert Band Festival, adding to its Gold Medal at the W(Mld Music Competition, in 2022. It is a testament to the continuing success of the Trust and the outstanding dedicalion of the whole BYThKf team, over many year that XBY has been recognised as one of the best sphOn1¢ wind bands on the national and intemational Develoixng wider community awareness of BYhTr than 1,200 families, friends and members of the communty attended our annual garden party, in July 2023, whith involved performances by 19 BYr groups. In septernb 2023, BYNff opened its do0 for a Try a Musi<xl Instfument Day,. We welcomed 385 famlies, with children in school Yea 1-8, to Byr. to try the Instruments. meet the teacher3 and make some noise. In January 2024, we held an apen rehearsal week This exciting introduction to Bywf groups enabled new students to experience first-hand the highUaIty music-making opportunities on offer at r ntre. We have been worklng hard to enhance our (Sgital marketing strategy, including the development of a new and more dynamic BYMT website, which went live in JY 2023.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fundraslng initiatives Dwing 2023124, our fundraising Initiabves included: A Blxk-Tie Charity Ball in Wil 2023, vthich raised over £10.000. . Our annual garden party. in Juty 2023. vthich rdised over £9,000. . The introduction of GiftAid daims for 80% of eligth ensemble membership fee8. . Recnjilment of two new tnjstses to help strengthen our business development activltles. As part of our 30th Anniversary celebraOnS, we are building a database of alumnl supporters, to enhance engagement, harness thelr experts8e and increase the number of patr& We have a pipellne of appllcations to Thjsts and Foundattons to help fund our YouThJ Musicians, Bur8ary OUR PEOPLE has a hard-wOTk1, dedlcated and experienced team of pemHnent staff, licensed teachets. TTUStees arKI volunteers. Our 208 teachers and 16 support team engage with families, schools, and partner organisations lo ensure that children and young people have oppothnities to sing, play, create and perform music in a viide range of comnwnty setting8 arKI professional concert venueB. BYNff provide5 professlonal devekynent opportunities via Stsff training days, 8chool neiwork sessions and the introducfion of a Bromley Continuing Professional DeveloFxnent {'CPD°ynetWOTk event for lIcSed tsachers, Head8 of and Ctrordinator& Bywf is IkY to have the support of volunteers vtho ervJage in a variety of pro bono activities, such as fundraisiry, stewarding concerts, Nnning the box office, and providing refreshments at concerts and reheaals. We are immensety grateful to our Patrons and Supporters who regularly gNe to BYDKf. Sn addition, we are humbled by the positive messages and support we continue to receive from BYMT alumni. CEOIHoad of Service (kn 31 August 2024, Gerry Sterling left Bymf after five Yea as CEOIHead of SeNice. Gery joined BYr in September of 2019, wth a dear vision and drive to expand our provision across the Borough. However, in March 2020, nomwlity quickly disappeared when the county went into lockdown. Under Gery's leadef5hip, BYMT 5ponded quickly to the 'new normal, by implementing an online teaching and ensemble structure he wothed tirelessly so that staff, parents and students were given help and guidance during this challenging time. Gery took thoughtful and courageous decisions, which enabled BYMT to be among the first music services in the UK to fully resume its comprehensive and high-quality music education programme following the pandeml Through(xrt his time 88 CEOIHead of SeNlce, Gery brought incredible re81rnce, good humour and energy to deliver Bywfs vision. that all children, young people and the wider MMunity nerrt from the enTtching and transfomthve pother of music. We are incredlbty grateful to Gerry for leading Byhff through a time of unPredented challenges in musiG education. Following Gerrfs resignation, Twstees launched a recruilment campaign with a eW to appointing a new CEOI Head of Service. Having carefully considered interim aFrangements, Sue Brown (Business Manager) became Acling CEOIHead of SeNi(x from 1 September2024. Trustees are Immensely grateful to Sue for her exceptional leadetshlp and unparalleled knowledge of BYf¥Tf dun9 this period of transition. Following a rigorous rectuitment proc&ss, Trustees wete deligltted to appoint lan Rowe as CEOIHead of Servi. lan *ill offi(#ally step into the role of CEOIHead of Se1 on 1 January 2025. Financial review FUNDING Principal funding sources Our principal funding continues to come fr(xm the Department for Educalion ('DfE°) via Arts Council England (°ACE°), which is supplemented by thatges to sch(KJls and parents. grants. thations and sponSoh1P5.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Music Education Hub and Arts Council England BYMT Is the Hub Lead Organisation (°HL(Y) in the Bromley Music Edu(xtion Hub (°BMEH°) which was estsbfished following publication of the National Plan for Music Educatton in 2011 elm rtance of music: a national lan for ic education). BMEH partners worf( together to cate joined-up music education provision, responding to locxl need and fulfilling the obje¢trves of the hub. Dwing 2023124, our hub partne we: Arts Train . Langley Park School for 8oyJ . HaThis Kent House Prfmary School . Claire Tllotson Mu51c Therapy . Crystal Palace Communlty Trust London Muslc Fund The Music Hub (Hub Music Shop) . Maxwell Mlni Mu8iC Monkey Mu81c . Open Up orchestra . st George's, Beckenham . All Bromley Sthoo18 end Colleges We maintsined a go(xl relatMThhip wlh ACE and reiVed the full Mu8ic EdtIOn Hub fMEH°) FunrfirvJ, a DIE grant administered by ACE. (knce again, have been placed in Ihe lowest categw of ri8k by ACE. lch 18 testsment to the quallty and 8u(xess of our 8ervice8.
BROMLEYYOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 South East London Mu51c Hub In June 2022, the DfE published a new National Plan for Music Education we f music to chan e lives: national lan for music education . The plan set out the governmenfs priorities until 2030 for music education for babies, children, and young peo1e, and builds on the first National Plan for Music Education, published in November 2011. In September 2022, ACE launched a consultation the education, (Yeative and culbjral sectoys to Inforni the Hub Investment Programm& Signfficantly, ACE also confirnd that they would be prescribing the geographical areas to be covered by each new Music HublHLO. On 10 March 2023, ACE announced their proposed new Music Hub geographies, which induded a South East London Music Hub (°SELMH'), extending across six local authoiity areas: Bromley, Bexley, Greenwich, Lambeth, Lewisham and Southwaf BYKW8 8oard of Trustees agreed to enter Into a Partner8hlp Agreemert vAth music serv1 In 8exley, Greenwich. Lambeth. Lewisham and Southwark to submit a Joint bid to secure funding to lead SELMH from 2024 onwards. A new company limited by guarantee, SEL Music Education Ltd {company number 15178185) was inc0rated on 30 September 2023, to fr11 Ihe functlons of HLO foi the new Scxrth East London Hub geographical area. The 1n(xp81 of SEL Muslc Educatlon Ltd are: . Brom Youth Music Trust Bethy Mu (part of London South East Academies Tnmt) Lambe1h Music Service (part of Lambeth Council) Lewitham Music (independent charity) Royal GreernCh Music Servlce (part of Greench CnCl1 ) . Soulhwarf( Music (part of Southwark Council) On 22 July 2024, SEL Music Educallon Ltd entered into a grant agreement with ACE in respect of funding for the delivery of music education services in the South East London aTea. SEL Music Education Ltd, in Its capacity 88 HLO for Soulh East London will receive funding from DfEIACE cal¢>Jlated accorrfing to the official fomiula, published on the ACE Music Hub yoLik, and based on pupl numbe In schools in each borough. and the number of pupils receiving Free School Meals. SEL Muslc Educalion Ltd will then 'erarf this funding to the Principal Partnets. based on the published DfE funding, linked to each local authorty area overseen by individual Principal Partners. Principal Parthe[5 wil u8e this delegated re-grant to fund aclivity delivered by themselves or other partner cxganisations. Between September 2024 and AaUSt 2025, BYTrKf will re1ve a total revenue grant of £447.180, and a 12pital grant of £146.895, over two yearn.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL susfAINABILrrY AND MANAGEMENT BYMT alms to ensure that BMEH wdl continue to defiver an excellent musi¢xl offering to chlldren and young people across the London Borgh of Bromley and surrounding areas, whilst ensuring financial sustainabilty. in the following wa. . ManaglrvJ a CA)St neutral buty with some contingency to mitigate against unexpected costs, e.g., mediuml lorwemi staff Illness. unforeseen rises in costs. ReseNes are also in place for rmre substantlal unforeseen costs (See Reserves Polioj). . Careful nx)rthring of expendknre and a robust approval pro( for all eXrture. . Pknned arml Staged Increases in fee8 and wbsaiplions. . Increasi Irffle from fronlline delivery of services, e.g.. by wAng the number of primary arKI secondary 8chool3 we engage 1th. . DevelopltvJ new acllvliles, including IncSed access for students over the age of 18. . Creallon of the BromleyAdult Music Educalion Hub. . A consistent and conllnuing reo¥uitment dth, both for thildren to take up an InstrumenV8irvJing and to Increase the number of children in BYfvTt groups K1 ensembles. . Development of income from rt-Of-boToUgh and Irmlependent 8chools. . Fotyjs on grant applicatsons. Such aB the Headley TN8L . Considered investment of re8eNe8. e.g.. we have an investment portfofio managed by E180n A8s(Joakn which is comprtsed of a legacy donalion (Beryl Hartky Memoiial Fund). BYNrrs Board of TN8tee8 is re8prThible for rabfywig the Tnrfs budget. and the Annual Rewt and FinanLaal ststement8. Under BYKfs Reserves PofiGy the Trust Is required to hold a mln5mum of three months, operaling cA>8ts In unrestricted reserves. Eath financial year. the TnJ8tees revlew the level of r&8erves and consider M+hether any imiestrnents would be appropriate. GOVERNANCE BYNffs Board compri8es elght indivlduals wilh 8 rarvJe of 8k1118 and experfence from across the MMercIal, financial, charity. education and arts Sect5, WtH) give their time arKJ expertise voluntarily to help the Trust achieve Its aiffo. All Trustees are respDnslble for the 8trategK directlon, develoF*nent and govemance of BYMT. Trustees also particlpate in ¢)ne or more cf the following comrnlttees: Finance - Oversees the financial perfan and magefflent of BYNff. as Nlell as approlI¥j relevant FM)licies and procedures. . Business Development- Oversees Bwfs fundraising and matketing actTrnti. Personnel - Monitors all aspects of human resour8. including staff wellbeing and profe&8ional developmenL along with the safeguarding aspects of staff recruitment and management . Standards & Compliance - Monitors compfiance and holds ByrS leadership team to account in area5 such as safeguarding arKI health & safety. In additlon, the conimittee plays an imFth role in overseeing the qualty of teaching. indusion and diversity.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The TNstees, who are also the director5 for the purpose of company law. and who seNed duri the year and up to the date of signabjre of the finanGial statements were: L Blomstrand S Potydm MBE S M Oldfield A Moss L Richards J Watters M RIdt J Wllliawts-ward (ointed 26 February 2024) (Appointed 15 March 202A) Recwibnent and app(NntsMnt of twstees BYr has a wocedwe for the appointrnent of new Tru8tees. Candidates are intervieEd by members of the Board of Tntstees and the CEOIHead of Service. Appointments are subsequently agreed at Board level. Induction and training of new Tnte85 Byfvff has a pollcy and wo(%dure8 for the Induction and training of new TN8tees that18 revievRd annually. None of the Tntee9 has any interest In the company. All of the Tru8tees are member8 of the compary and guarantee to c(mtribute £1 kn the event of a winding up. IganIsational 8lructure BYMT 15 organi8ed sh that p0cY decislon8 affeclirwJ it8 development are made at Board level. The TruBtee8 involve senior staff members in developing the Trust to meet its Gharitable objectives. Governing Document BYr 18 controlled ty tt8 governkng documen( memorandum and artlcles of as80clakn, and con8tituie8 a linited company, Ilmtted by guarantee, as defined by the Companle8 Act 2006. Audit and Rtsk Trustees regularfy review. assess and plan for the management of all ri8ks fac1 by BYKf via the Finance CJmmittee and Standards & Compliance Committee. Bymfs finarKial statemerts are audlted annually by Independent auditor5, arKI the examinati( of acc(Junts includes a cheL* of Byrrfrs Di8dosure arKI Barring servi (°DBS") record& Auditor In alxordance 1th the cx)mpanrfs arfides, a resdution proposing that Baxter & Co be reappointed as auditor of the company will be put at a General Meeting. The Tru5tees' reFut was approved by the Board of Tntee8. A Moss
BROMLEYYOUTH MUSIC TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, are also the directors of Bromley Youth MUS Trust for the puryx)se of company law. are respOnsle for preparing the Trustees. Report and the fmancial statements in accordance with applicable law and Urthd Kingdom Acxounting Standards (United lfjngdom GeneraltyAccepted AccA>unting Practice). Cunpany Law requlre8 the Trustees to prepare financial statements for each finandal year which give a true and faw view of the state of affai of the Trust and of the incorning resources and application of resources, Indu(fing the income and expendIre. of the chatitable cA)mpany for that year. In preparing these financial statements. the Trustees are requlral to: - Select suitable accAJunting w)li¢ie8 then apply them o)nsistenty, - ¢)b8eTve the methods arKI wlnclples In the Chariiles SORP; - make judgements and estimate8 that are reasonable and prudent; - state whether apptscable UK Accountmg Standards have been followed. subject to any material departure8 di8dowl and explained In the finandal 8tatements; and - wepare the financial statements on the goi (x>ncem basiB unle88 It Is Inapproprlate to presuff* that the Trust will CtinUe in operafjon. The Tnffjtee8 are responsfole for keepirvJ adequate acn11ThJ re(5 that disclose m80nable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the CnPanieS Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for tski reaso[ble steps for the prevention and detection of fraud and other irregularities. In 80 far a8 the trustees are avmre: There Is no relevant audit information of whlth the charltable compan8 auditOTS are unaware; and The tn have taken all steps that they ought to have to make them8efves aware of any relevant audit Information and to establish that the auditors we aware of that inftiOn. 2 rjEL¢_NSF:K proved by the Board of Trustees on ...... . and signed on its behalf by. A Moss Ctroir of Trustees
BROMLEYYOUTH MUSIC TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BROMLEY YOUTH MUSIC TRUST Opinlon We have audited the financial statements of Bromley Y(xrth bSIC Tntst (the Trusf) for the year ended 31 March 2024 which <x)mprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, indurfing slgnificant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United lfjngdom Accounting Standards, in¢luding Financial Reporttng Standard 102 The Financial Reporting Stand8rd applicable in the UK and Republic of Ireland (United lfjngdom GenerallyACpted Accounting Praclice). In our oplnion, the finandal statements: give a tfue and fair view of the state of the charitable compansls affairs a8 at 31 March 2024 and of Its incotning resources and application of resources, for the year then ended; have been woperfy prepa in aCConce 1th United lfjngdom Generauy Attepted AOunting I1C8. have been swred In accordance th the requlrements of the Companies Act XX. Basls for oplnion We conducted our audit In accordance Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those Standards are further de8ulbed In the Audilorfs re8ponsknlitie8 for the auth"t the finanGial statements section of our reporL We are indeperMJent of the Tfust in aCrdance with the ethkal requirements that are relevant to our audit of the financial statements in the UK, Including the FRC'S Ethlcal Standard, and we have fulfilled other ethical responsibllilie5 in acc(xdance with these requirements. We believe that the audit evid we have obtained is 8ufficient and appropriate to provide a basis for our opinion. CclUSIonS relating to going cancorn In auditing the financial statements, we have conduded that the Trustees. use of the gaing concem basi8 of aw)unting In the preparalion of the financial statements is appr(Jpriate. Based on the we have F*rfoTrned, we have not identsfied any material uncertainlles relthg to events or CondiOn8 that. in(Svidualty or colledively, may cast significant doubt on the Trusvs abdity to (x)n1iNe as a going concem for a period of at least twefve months from wthen the financial statements are aulhorised for issue. r responsibiliiies and the re8ponsibllilie8 of the Trustees wlth respect to going COAn are de8cribed In the relevant 8edlon8 of this rept. Other information The other infomiation COM1$e8 the infomiallon irKluded In the annual report other than the and81 statements and our auditors xt thereon. The TTUStees we respoiisible for the other inf0tniatl contained within the annual repotL Our opinion on the financial statements does not cover the other information and do not express any fomi of assuran condu5ion thereon. Our responsibilty is to read the other infomiation arKI, in doing so, consider whether the other inf0mtiOn is materially in(x)nsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such mataial inconsistencies or apparent material misststements, we are required to determine whether this gve5 rise to a material misstatement in the financial statements Ihemselves. If, based on the w<xk we have performed, VR condude that there Is material misstatement of this other informalion, we are qUired to pOrt that fact. We have rthing to let in this regard. MatteT5 on which we are required to report by exception We have nothing to report in respect of the following matter5 in relation to which the Chatitie5 (ACcntS and Rep¢xis) Regulalions 2008 require us to report to you rf. in our opinion: the information given in the financial statemerrts is inconsistent in any material respect with the Trustees. reportr, or Sufflent a(xounting records have not been kept; or the financial statements ate not in agreement with the accountir¥ records" or we have not received all the information and explanations we require for our audit.
BROMLEYYOUTH MUSIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BROMLEY YOUTH MUSIC TRUST Responsibilities of Tn As explained more fully in the statement of Trustees, responsibilltles, the TTUStees, who are also the directors of the Trust for the purpose of oampany law, are responslble for the preparation of the financial statements and for being satisfied that they give a twe and fair view, and for such internal control as the TTUStees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fi3ud or error. In prepanng the financial ststements. the Trustees are responsible for assessing the Tfusvs ability to continue as a going concem, disdosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the TTUStees elther Intend to liquidate the charitable company or to cease operations. or have no realslk alternative but to do 80. Auditorfs rosponsibilities for the aUrt of the financial statements We have been appointed as auditor under section 144 of the Chaiitles Act 2011 and rep in accordance wlth the Act and relevant regulations made or havlng effect therewKler. Cjjr objeckn are to oblaln reasonable a88urance about whether the financial Staternts a8 a are free from Mala1 mi88tatemen( wtth due to fiaud or error, and to issue an auditorfs report that Indudes our opinion. R)nable assurance is a high level of assurance but Is not a guarantee that an audit u)nducied in accordan wilh ISAS (UK) will alway8 detect a material misstatefflent when it exists. Misstatements can atlse from fraud OT eThor and are CA)nsldered material rf, individually or in the aggregate, they could reasonably be expected to Infiuence Ihe eXKIc de(xslon8 of user8 taken on the ba8ls of the8e finandal statements. The extent to whlch our procedures are capable of detectiig lffegularities, incknfing fraud, is detslled below. A descripllon of our responsiblltie8 18 available an the Financial Reportlng Council'8 website at" htip8:11 www.frc.org.uklauditor8re8ponsibilrtles. This description forn part of (r auditorfs repotL Thls report Is made solely to the company's members, as a body, In accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that VR might state to the company's members those matters we are required to state to them In an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not acopt or assume responsibility to anyone other than the company and the company's members as a body. for our aurfrt worK for thls report, ¢x for the opinions we have formed. L•se Hallsworth FCA18enlor Slatutory Auditor) for and on behalf of Baxter & Co 6 December 2024 Chartered Accountants 1 Vicarage Lane E154HF
BROMLEYYOUTH MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financial year Unrestrict funds Total funds 2024 2023 Income and endowments from: DoTrations and legacies Charitable activitles Other tr&fing acthithes Investments 75.201 450,287 945,418 8,942 3.335 24,219 86.689 99,420 536,976 945,418 8,942 3,335 517,136 1,1)46.867 3,178 4.001 Total income 1.483,183 110,908 1.594,091 1,653,520 Expenditure on: Charitable activitle8 1,543,794 112.853 1.656,647 1,756.706 Tolal expenditurn 1.543,794 112,853 1,656,647 1,756.706 Net galn810088es) on inveBtments 14 {1,072) (1,072) Net expenditure and movemont in funds (61,663) (1,945) (63.628) (102,703) Reconcilialion of funds: Fd balances at 1 April 2023 518.864 110.467 629.331 732.034 Fund balanc05 at 31 March 202A 457.181 108,522 565,703 629,331 The statement of financial aclivitses bndudes all galns and k)s8e8 recffjnised in the Yr. All income and expenditiAre delive from continuing activities.
BROMLEYYOUTH MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Totsl fvnds funds Income and endowmonts from: [kallarffj arKI legacies 49,397 448.761 1.046.867 3.178 4,lJJ1 32.941 68.375 82.338 517,136 1,046.867 3,178 4,001 c)ther trAng actsvilles Investments Other income Total 1.551204 101.316 1.653,520 Expenditure on: 1.635.791 120.915 1.756,706 Totsl expand11• 1,635.791 120,915 1,756,706 Net galnsl(losse8) on Investhnts 14 483 Net incomo and movoment in funds (83.1(M) (19,$99) (102.703) Reconcilialion of fund& Fund balances at 1 April 2022 601.968 130,066 732,034 Fund balances at 31 March 2023 518,864 110.467 629.331
BROMLEYYOUTH MUSIC TRUST BALANCE SHEEr ASAT31 MARCH 2024 2024 Fixed assets Twgible assets Investsnents 16 17 82,201 10.644 9.572 92.845 Current assets 18 150,840 467,202 121,624 Cash at bank and in hand 618,042 688,150 Creditoys: amounts falllng due within one year {130,005) (151.664) Nat currnnt ass•ts 488,037 Total aBsets1058 cumt Ilabilitles 565,703 629.331 The ofthe Trust 108,522 457.181 110.4ffl 518.864 Untricted fund8 565.703 629,331 The company Is entitled to the exemption from the audlt reqrement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been Caled out under section 144 of the Chafities Act2011. The (firectors acknowledge thelr responsibilities for complying with the requirernents of the cOrnieS Art 20( with respect to acClting recards and the Fwaralion of financid statements. These financial statements have been wepared in accordance with the provision5 appllcable to companle8 subject to the small companies regiffle. The financial statements were approved by the Ttustees on .. I bFcf_-VI6EQ 102f Chalr of Trustees Company regislration number 2880224 (EnglarKI and Wales)
BROMLEYYOUTH MUSIC TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 Cash absorbed by operations (101072) (120.872) Purthase of tangble fed assets Investrnent Income received (6.194) 8,942 (6.387) 3.178 Not cash generated Imn{sed in) 2,748 (3,209) cash used In Ilnancing aclivi N•t decreaso In cash and cash equlvalents (99.324) (124,081) Cash and cash eqthlents at beginnlng of ye 586.526 690,607 Cash and cash equivalents at •nd of year 566,526
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AcntIng policies Charlty inforniatlon Bromley Youth Music Trust Is a private ccmpany limited by guarantee incorporated in England and Wale8. The registered Offi is Southb(xough Lane, Bromley, Kent, BR2 8A 1.1 Accounting convenlion The financial statemen15 have been prepared in accordanc with the Companies Act 2006, FRS 102 Yhe Financial ReportiTVJ Standard applicable in the UK and Republic of Ireland" fFRS 102) and the Charitles SORP "AunlIng and Reportlng by Chatiiies". Statement of Recommended practi appficable to tharfties preparing their acKA)unts in accordance ryth the Finandal Rewting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The Trust 18 a Public Benefit Entity as defined by FRS 102. The flnancial statements are prepared In sterfing, ch is the functlonal currency of the Trust Monetary amounts in these financial slatements are rounded to the nearest £. The financial statements have been prepared under the hi8tarfcal cost ojnventlon. The prlnclpal accounliry polide8 adopted are 8et out bebw. 12 Qoing concern At the time of approving the finandal 8tatements, the Tn have a reasonable expectation that Trust has adequate resources to continue in operational existen for the foreseeable fuiure. Thu8 the TrusteeB CAintinue to adopt the going <x)ncem ba8is of accounting in preparing the financial statements. 13 Charitable funds Unrestiicted funds are available for u8e at the di8(xelion of the Trttee3 in furtheran of their chatitable objective8. Re8trlrted fvnd8 are Subject to 8peth Gondlttons by donorn or grantor8 88 to how they Fnay be u8ed. The purposes and uses of the restrlcted funds are Set out in the notes to the flnancial statements. 1A Income Income is recogni5ed when the Tnrnt is legally entided to it after any perf¢)rmance condittons have be met, the amounts can be measu5 reliably, and it is probable that income will be recelved. Cash donalions are recognised on RceipL Other dorlon8 are recognised once the Trust has been notifd of the donation, unless perfnance conditions require deferral of the amounL Income tax recoverable in relation to donations received under Gift Aid or deeds of &wenant is reoJgni5ed at the time of the donation. Legacie8 are recAJgrMsed on receipt or otherwise rf the Ttust has been notified of an impending (fistslbution, the amount ts knoyffl, and recelpt is expected. W the amount is not known, the legacy is treated as a contingent 1.6 Expenditure ExperKliture is recognised once there is a legal or constwctive obligalion to transfer economic benefft to a third party, it Is probable that a transfer of economic benefits will be reqUId in setUemenL and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each athity are made up of the total of direct costs and shared costs. induding support Sts invofved in undertaking each actsvity. Direct costs attributable to a single activty are allocated direcuy to that activity. Shared costs which contribute to more than one activty and support costs which are not attributable to a single actsvity are apportioned between those activitses on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asseys use.
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounllng policies (Continued 1.6 TangilAe fixed assets Tangble fixed assets are iniiially Tneasured at cost and subsequently mea8ured at cost or valuation. net of depreciation and any impwtment losse5. Depreciation is re<xJgnlsed so as to wrfte off the c05t or valualion of assets less their SIdUal values over their useful lives on the following bases: Musical Instruments Fixtures, Flttings & Equipment 10% stralght line 20% straight ne The gain or loss arising on the di8posd of an asset 18 detaThined as the dIffenCe beiween the sale proceeds and the carrying value of the asse( and is recognised in the stateffnt of fmancial actsvI. 1.7 Fed asset investments Fixed asset Investmerrts are Inilially measured at trarwactlon pric8 exduding transaclion costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net Incomel{expenditure) for the year. Transactlon c4Xts are expensed a8 Incurred. Impairment of fixed assets At each reporting end date, the Trust reviews the carrying amounts of Its tangible assets to detemiine whether there Is any indication that th¢)se assets have suffered an impainnent loss. If any such indication exists, the recoverable amount of the asset Is eslimated in order to detennine the extent of the impainnent loss (rf any). 1J Cash and cash equivalents Cash and cash equivalents Indude (xsh in harKI, dep081ts held at call with banks. other short-tetm liquld Investmen15 orfginal maturities of three months or le88, and bank overdrafts. Bank overdrafts are sho wlttwn borrowings In current liabilues. 1.10 Employee benefits The cost of any unused holiday enlillement Is recogni8ed in the period in which the ernploye¥8 8ervice8 are Temiinali¢)n beneffts are recogni8ed immediately as an expense the TnMt is demonBtrably cunmitted to tsrminate the employment of an employee or to tKovide tenThnation benefrts. 1.11 Retirement benefits paYTr to defined cntillrtK retirement benefft 8chemes are charged as an expense as ttw fall due. Crilical aGcounting estimatss and judgements In the appfication of the Trust's a¢untITrg polides, the TTUStees are required to make judgements, estimates and assumptions about the Caying amount of assets and liabilities that are not readily apparent from other urces. The estimates and associated assumpti(Jns are based on historical experience and other factors that are (rnsidered to be relevant Actual results Tnay (r[e[ from these estimates. The eslimates and urKlerfying asSumpti(S are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whlch the estimate 15 revised where the revision affects only that period. or in the period of the reViSn and future petiods there the revision affects both current and future perils.
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Total Unrestricted Restricted fvnds nds 2023 Total funds 2024 funds 2024 Donations gifts 19,076 49,931 19.076 49.931 24,219 15,006 34.391 15.1 34.391 32.941 yng Musicians. Fund D¢Jnated gxKI8 and 24.219 32.941 6,194 6.194 75.201 24.219 99,420 49,397 32,941 Incomo from charitable aGtivitws Totsl funds funds 2024 2024 2023 2023 Chaiilable income Grant incAJme 450,287 86,689 536.976 448,761 68.375 517,136 PerfOrrna related grants anatysis Charitable Charitable income Income 2024 2023 Arts Coundl FurKling TPA Grant Other grants other 450,287 51.451 35.238 448,761 51,451 16,924 536.976 517.136 Incomo from other tradlng activrti fund5 funds 2023 Music Tuition and rdated in(xxne 945.418 1,046,867
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 kncorne froffl investments Unrestricted Unrestricted funds 2024 2023 Investment income 8,942 3.178 Other inGom• UnrestrlGt•d Unrestrlcted funds funds 2023 Olhw income 4.001 Expenditurn on charitable activilles Charitable Charitsble expenditure expenditure 2023 Direct costs Staff rsts Depreciation and impaimient Operational activities - Direct 1.167,840 20,301 122,322 1,287,833 21.513 76,000 1,310.463 1,385.346 Grant fundlng of aGtivilie8 (8ee note 9) 43.278 Share of support and gowrnanco costs Isee not• 10) Support Goveman 274.770 6,580 323.172 4,910 1,656,647 1,756.706 Analysis by fund Unrestri(led funds Restrirted funds 1,543,794 112,853 1,635,791 120.915 1,656.647 1,756.706
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payablo Charitable Charitable expendithre exwllure 2024 2023 Grants to Institsons: Grants and Awards (Young Musiaan8 Fund, Headley Trust) 54,219 10,615 41.594 1.684 64.834 43,278 10 Support costs allocated to actlvilios 2023 Operatiry lease charge8 81,354 193,416 6,580 ,797 232.375 4.910 281,350 328.082 Charitable expen(rrture 281,350 328,082 11 Net movemont in funds 2024 2023 The net movement in funds i& stated atsr tharglrW(creditlng): Fees payable for the audit of the chaiiils financial 8tateTnents DepreciatTh of owned tangible fixed a88ets Operating lease charge8 4,910 21,513 90.797 20.301 81,354 12 Tntstees None of the Trustees (or any peT50ns connected with them) re(%lved any remuneration or benefits from the Trust thring the year. 13 Employees The average monthty number of employees duiing the year wa& 2023 Nnber Number Teachers and Admin Staff 37
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Employ3 (Continued) Employment costs 2024 Wages and salaries Sodal security costs Other pension costs 939,922 75,914 152.004 1.022,274 93.889 171.670 1,167,840 1,287.833 Redundancy and temiinatlon payments totslllng £61.936 were made In the reporting peTlod. TTre were contractual payments made and are induded wilhin wages and Salaries costs above. The number of employees oSe annual remunern1ion wa8 more than £60,000 Is as fdlows: Numbor Nwnbqr £60,001- £70.000 Remunerallon of key management pevsonnol The remuneration of key management personnel totalled £85.609 for the year. 14 Galns and10ss05 on investments Unrestricted Unrnstricted funds fvndB 2024 2023 Galn81{IDsses) arlslng on: Revaluation of Investrnents (1.072) 15 Taxation The charity is exempt from taxation on ils activilies because all 115 Income 15 applied for chaiitable putposes.
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Tanglble fixed assets Muslc•l Instruments Flxtures Flttlngs a Equipm•nt Cost At 1 ri12023 Additions 587,730 6,194 193,793 781,523 6,194 At 31 March 2024 593.924 193,793 787,717 Dewoclalion and impairment At 1 fy)rf1 %)23 Deweaabon charged in the year 514,711 16.950 184,611 3,351 699.322 20.301 At 31 March 2024 531.661 187.962 719.623 Carrying amount At 31 March 2024 62,263 5.831 68.094 At 31 2023 73,019 9,182 82,201 17 Fixed asset investments Listed Invostments Cost or valuation At 1 April 2023 & 31 ma 2024 10.644 Impairrnent At 1 April 2023 Revaluation adjustrnents 1,072 At 31 March 2024 1.072 Carrylng amount At 31 March 2024 At 31 March 2023 10,644 Fixed asset investments revalued The historic cost of the investrnents was £8.067.
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Debtots Amounts falling due withln one year. Trade debt( Prepayments and accnRd Income 53.303 97.537 72,272 49.352 150.840 121,624 19 Credltors: amounts falling due within one year 2024 Other taxation arKI social 8eGurity t)efeffed irKome Othw credltor8 Accfual8 and defeffed Income 24,836 59,671 20.347 46,810 37.227 130.005 151.664 20 Defemd income 2024 Other defeThed Income 59,671 Defeffed irK>)me Is irKluded In the flnandal 8tatemerrts a8 follows: 2023 Deferred inc<Jme Is included within: Current liabillie8 59,671 Movements in the year. Deferred income at 1 W 2023 Released from previous periods Resowces deferred in the year 59,671 (59.671) 59,671 Defetred ino)me at 31 March 2024 59.671 21 Reliremont benefft sch*nes 2024 2023 Defined contrilxrtlon schemes Charge to wofft or b)ss in respect of defined contr1ttion sthemes 5,365
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Relirefflent benefft schemes (Conlinued) The Tnjst operates a defined contribution pension xheme for all qualifying ernployees. The assets of the Scheme are held separately from those of the Tntst in an independently administered fund. 22 Restricted funds The restslcted funds of the tharity comprise the Unexp balanc£s of donations and grants held on tru8t subject to speclfic (xjnditions by donors as to how they may be used. At1Apr 2023 Incoming Resources At 31 March expended 2024 Beryl Hartley Memorial Fund Disadvantaged Young Fund Bromley Youth Music Trust Netw Fund scopps Young Mu51cians' Fund Jack Petchey Foundalion Govefflment Grants Private Donation (Patrons Grant) London Music Fund Headley Ttust 22,204 810 5,323 22,204 810 5,323 (7,222) (24.219) 24,219 1.273 1,273 60,507 (60,507) (1,945) (3,960> (15,000) 80,857 78,912 3,960 15,000 110,467 110,908 (112,853) 108,522 Previous year. At 1 Aprfl Incoming 2022 rn90urc05 ResourceB At 31 March expended 2023 Beryl Haruey Memorial Fund Mu81c Therapy Fund Disadvantaged Young Fund Bromley Youth Mu31c Trust Network Fund scopps Young Musicians, Fund Jack Petthey Foundation Government Grants Private Donation (Patrons Grant) London Music Fund 22,429 1,076 810 18.523 (225) (1,076) 810 5,323 (13,200) (7.222) (32,941) (700) (52.595) (4,398) (8,558) 7,222 32,941 1.973 1,273 52,595 85,255 8,558 130.066 101,316 (120,915) 110,467
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Re5tsictad funds ICqJntinued) Restricted Funds: Beryl Hartley Memorial Fund The Beryl Hartley Memorial Fund was set up In 2002 from a donation 1¢h stipulated it was for investment purposes only. The dividendslproceeds weie to be used to purtha5e expensive bows for the students. Music Therapy Music Therapy is the residue off a MUS therapy fund which has been unused for a couple of year8. Disadvantaged Young Disadvantsged Young Fund is the resldue of an dd fund that wll be u8ed again (hoFthilly) In the near ftrture when a new °Outreach' teacher is secured. Young Musiciansl Fund Young Musicians" Fund has been aet up by Bromley Y¢yJth Mu8ic TnJ8t to 8UPPOrt remi8slon of fee8 for famllie5 with financial hardship. Jack Petchey Fund The Jack Petchey Fund Athievement Award Scheme recogni8e8 outstanding young people aged 11-25 throughout London and Essex. It enableB schools and yJth (ynisations to celebrate their young people and re1ve fvnding. Brornley Youth Music Trust Network Bromley Youth Music Trust NetWOTk Fund has specifically trRen set up for the purFK)8e of raising funds for speafic projects that cannot be funded from our normal resrCeS. The folowing funds have been reclassifd from r•stricted funds to designated funds: Bromlry Youth Chamber Orchestra and Bromley Youth Concert Band Brornley Youth Chamber OrchestR Fund Bromley Youth Concert Band have both been 8et up for the speclThc purpose of ralslng monles for the annual tour8 for both groups. 23 UnreBtiicted fundB The unStrICted funds of the charlty comwise the unexpended balances of donations and grants whlch are not subject to specific conditions by and grantors as to how they may be used. These indude designated funds 1¢h have been set aside out of unrestricted funds by the trustee5 for specific purposes. Gains and At 31 March losses 2024 At 1 April Incoming Resourc•s expendod Instmment FurKI In5twment Replactment Fund Maintenance Fund patr.5 Fund Tour Genal funds 84,518 84,518 10.000 99,798 32,847 246.701 10.000 117,032 27,553 173,078 19,076 37,063 1,427,044 {1.842) (42.357) (1,499,595) (1.072) 518.864 1,483.183 (1,543,794) (1,072) 457.181
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds (Continued) Prevlous yex: At 1 Nwil Incoming Resources Gains and At 31 March 2022 resources expended losses Instrument FurKI Instrument Repla(xnent Fund Maintenance Fund Patron's Fund Tour General knds 84.293 84,518 45.000 10.000 99,798 32,847 246,701 10,0(X) 84,792 15.006 (32,985) (1.601806) 342,397 1,506.627 601.968 1,551204 (1,635,791) 518,864 24 Analysis of not assets betwe funds funds 2024 2024 2024 At 31 March 20X. Tangible assets Investment8 CuNent asset810111leB) 9,572 457.181 488.037 457,181 108.522 565,703 Total funds At 31 March 2023: Tangible assets Investments Cuttent as8etsl(liabilities) 82.201 10.644 17,622 82.201 10.644 536,486 518,864 518,864 110.467 629.331
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Pension and similar obgationS The trusfs emth5 bek)rvJ to the TeacheTr' Pensi¢in Scheme ErylaTKI and Wales (rps) for related Staff. test aciuarial valuation of the TPS related to the period &Nled 31 March 2016. There were ¢JutSlng conlribuiions at the end of the finandal year of £17k, thi5 amount is IrKluded thin Introduction The Teache. Pension Scheme (rps) is a statutory, (x)ntributory. defined benefft stheme, govemed by the Teachers, Pension Scheme Regulations 2014. Mernbership is automatic for teachers. Al teachers have the option lo opt (xrt of the TPS following enrolmenL The TPS is an unfunded scheme to thich both the w£mber and employer makes cth)trlbutions. a8 a pelage of salary. These contribUonS are credited to the Exchequer. Retirement and other pension benefits are paid by pubk funds provided by Parlament. Valuallon of the Teachers, Penslon Scheme The Govemment ActUY. Usffbg norn1 actuarial principl4 condud5 a fomial aciuarial review of the TPS in alxx)1ace with the Public Seplice Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 year5. The aim of the review is to specify the level of fuiure contribulions. Actuarial 8cheme valuations are dependent on assumptions about the value of future costs, design of benefrts and many other factor5. The latest actuarial valuation of the TPS was carried ¢)ut as at 31 March 2016. The valualion rep(xt was publlshed by the Department for Education on 5 March 2019. The key elements of the valuatlon and 8Ubseqrt c(msullation are: employer CA)ntribution rates 8et at 23.68% of pensionable pay (Induding a 0.08% employer athiinistralion levy) total scheme liabilities (penslon8 currenty In paYrn and the estimated (x)st of fvthre beneffts) for Service to the effective date of £218,100 million, and nollonal a&8ets (eslimated future wntributions together wlth the notional investments held at the valuati(m date) of £196,100 mlllion giving a nottonal past servke deficit of £22,000 million the SCAPE rate, Set by HKf. is used to determine the notional investsnent retwn. The current SCAPE rate is 2.4% above the Ate of CPI. The assumed real rate of retum Is 2.4% in ex¢x8s of prices and 2% In excess of eamlngs. The rate of real eamlngs growth Is assumed to be 2.2%. The assumed nominal rate of retum including eamings grnvth is 4.45%. The rxt valuation result Is due to be implemented from 1 WI 2024. Th8 employerfs pension costs paid to th8 TPS in the PeTlod amounted to £146,639. Ac<)py of the valuatlon report arKI supwllng documentatlcm is on the Teachers. Pwtslons web8ite. Under the definlticms set out in FRS 102. the TPS Is an unfunded multimployer pension scheme. The trust has accounted for its contiilArtions to the s(*ewe as If it rn a defined Gontrbbution scIne. The tNst has set out above Ihe infomwtion available on the scheme.
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 26 Operaling lease commilments At the reportwig end date the Tntst had ouistanthng cA)mmllments for futtwe nmnimum lease payments urKler rn-CanCelIab1e opernting l&qses. vthich fall due as fall(MS: Wthln one year Beiwn two and five year8 82.314 171.392 249.655 253.706 332,135 There were no th8doBable related pty tranBaLthrn durwy the year (2023- nonel 28 Cash generat from oporations Deficit for the year (63.628) <102.703) Adjustrnents for. InveStrnt income recogni8ed in statement of finandal adivilie8 Falr value galns and losses on iweslments Deweclation and Invalmnt of tsngible fred assets (8.942) 1.072 20.301 (3.178) (483) 21.513 Movements In WO[rO Gapital: (Increase) in debto (Decrea8e) in creditors {Oecrease)fmcrea8e in deferred InMe {29216) (18,668) (2.991) (68.395) (27.297) 59,671 Cash absorbed by oprations (102,072) (120,872)